Highlights
- The Company has identified a new significant rare earth deposit in Wyoming, USA
- Grades between 1.7% and 9.1% of rare earths lanthanum, cerium, neodymium, praseodymium, and yttrium (La + Ce +Nd + Pr + Y) were observed
- 37 federal unpatented lode claims were staked covering 749 acres
- Applications have been lodged with the state of Wyoming for a further 640 acres
- Historic reports indicate that the rare earth mineralization outcrop may extend over 1500 feet
- Deposit is currently open at depth and along strike
DENVER, July 28, 2023 (GLOBE NEWSWIRE) -- American Rare Earths (ASX: ARR, OTCQB: ARRNF, FSE: 1BHA) (ARR or the Company) is pleased to announce it has staked 37 federal unpatented lode claims at a new high-grade rare earth deposit in Wyoming (Figure 1).
The claims cover approximately 749 acres. Applications have also been lodged for a mineral lease application with the state of Wyoming for a further 640 acres. The new area is north of the Company’s flagship Halleck Creek Project and has very similar geological characteristics.
CEO and Managing Director, Mr Chris Gibbs, commented:
"These are outstanding results from the initial field work and the exploration team we have on the ground in the United States. The XRF samples show grades up to 91,438 ppm for 5 rare earth elements which includes the highly valuable neodymium, praseodymium and yttrium.”
“The newly staked claims are within the same state as our flagship Halleck Creek project, which already has a JORC Resource of 1.43 billion tonnes.1”
“Given the proximity of these new claims to Halleck Creek, we’re very excited about the future synergies and opportunities between both projects and we look forward to conducting further exploration activities to unlock the potential of this new high-grade discovery.”
ARR geologists observed that the rare earth elements are concentrated in veins enriched with allanite, a group of minerals that is a valuable source of rare earths. In-situ portable X-Ray Fluorescence (pXRF) analyses of large, 2 to 4 centimeter allanite crystals demonstrated grades of 7.4% to 23.2% La + Ce + Nd + Pr + Y. Powdered grab samples from an exposed allanite-enriched vein were analyzed and showed grades of 1.7% to 9.1% La + Ce + Nd + Pr + Y.
The allanite-enriched vein is exposed in a historic prospect pit. According to a 1952 United States Geological Survey report by T. J. Armbrustmacher and K. A. Sargent the vein is visible in outcrops of calcium silicate rock for 900-1200 feet.
The depth and length of the deposit is currently open. The large, 2 to 4 centimeter allanite crystals observed in this study are hosted in a quartz, chlorite and calcite-rich vein which shows brecciation, or a process of the rock breaking into fragments. This may indicate that the allanite formed from hydrothermal fluids.
The grab samples have been sent to ALS Global for assay. A detailed mapping and sampling program will be fast tracked to add to ARR’s understanding of the deposit and to advance the project.
This market announcement has been authorized for release to the market by the Board of American Rare Earths Limited.
Mr. Chris Gibbs
CEO & Managing Director
_______________
1 See ASX Announcement March 30
Competent Persons Statement:
This work was reviewed and approved for release by Mr. Dwight Kinnes (Society of Mining Engineers #4063295RM) who is employed by American Rare Earths and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 JORC Code. Mr, Kinnes consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.
About American Rare Earths Limited:
American Rare Earths (ASX: ARR | OTCQB: ARRNF | FSE: 1BHA) is a leading explorer and developer of rare earth elements with a strong focus on developing sustainable and cost-effective extraction and processing methods. The company's projects, including Halleck Creek in Wyoming, La Paz in Arizona, and Searchlight in Nevada, hold significant potential to become major rare earth production sites in North America.
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For media inquiries, please contact:
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Figure 1. General location of the Beaver Creek REE project is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8cab62f9-19cf-4cfe-8160-28e13b2212e2
